84 N.W. 346 | N.D. | 1900
Action on three promissory notes executed and delivered by the defendants J. T. Rae, Robert Rae, and William Rae to plaintiff. The two defendants first named did not answer. The defense attempted to be interposed by William Rae is that he is merely a surety on said notes, and that he has been released by an extension of time granted by the payee to the principals without his knowledge or consent. Plaintiff demurred to the answer on the ground that it does not state facts sufficient to constitute a defense. This was overruled, and plaintiff appeals from the order.
The law is settled beyond dispute that, where a creditor and the principal debtor make a valid contract extending the time of payment without the knowledge and consent of a surety, the surety is discharged from his liability. It is equally well settled that a contract of extension, to be valid and operative, must be between the